NPCE on Nasdaq

NeuroPace Inc

Logo: neuropace.com3

NeuroPace was founded to design, develop, manufacture and market implantable devices for the treatment of neurological disorders with responsive stimulation.1

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Last updated Oct 19, 2026.

Overview

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  • TickerNPCE on Nasdaq1
  • IndustrySurgical & Medical Instruments & Apparatus1
  • HeadquartersMountain View1
  • Websitewww.neuropace.com
  • Legal formcorporation1
  • Incorporated inDE4
  • Business address455 N. Bernardo Avenue, Mountain View, Ca 940434
  • Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company4

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NeuroPace Inc image from its website
Image: neuropace.com3

We are a medical device company focused on transforming the lives of people living with epilepsy by reducing or eliminating the occurrence of debilitating seizures. Our novel and differentiated RNS System is the first and only commercially available, brain-responsive neuromodulation system that delivers personalized, real-time treatment at the seizure source. By continuously monitoring and analyzing the brain’s electrical activity, recognizing patient-specific abnormal electrical patterns, and responding in real time with imperceptible electrical pulses to prevent seizures, our RNS System is programmed by clinicians to deliver the precise amount of therapy when and where it is needed and provides exceptional clinical outcomes with approximately three minutes of stimulation on average per day. Our RNS System is also the only commercially available device that records continuous brain acti…5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

77.2%Gross margin6
-16.3%Operating margin6
-21.5%Net margin6
25.1%Revenue growth, 20256
-112.8%Return on equity6
3.09×Debt to equity6
-$11.3MFree cash flow6

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue23¢$22.8M
  • Research and development28¢$27.9M
  • Other costs49¢$49.3M

Out of $100.0M in revenue.6 The company lost money this year.

Financial statements

Revenue789106$100.0M in 2025+143% since 2020
0$25.0M$50.0M$75.0M$100.0M2020: $41.1M$41.1M20202021: $45.2M$45.2M2021+10%2022: $45.5M$45.5M2022+1%2023: $65.4M$65.4M2023+44%2024: $79.9M$79.9M2024+22%2025: $100.0M$100.0M2025+25%
Gross profit789106$77.2M in 2025+155% since 2020
0$20.0M$40.0M$60.0M$80.0M2020: $30.3M$30.3M20202021: $33.4M$33.4M2021+10%2022: $32.5M$32.5M2022−3%2023: $48.1M$48.1M2023+48%2024: $59.1M$59.1M2024+23%2025: $77.2M$77.2M2025+31%
Operating income789106-$16.3M in 2025+25% since 2020
-$60.0M-$40.0M-$20.0M02020: -$13.1M-$13.1M20202021: -$23.7M-$23.7M2021+82%2022: -$40.8M-$40.8M2022+72%2023: -$27.2M-$27.2M2023−33%2024: -$21.7M-$21.7M2024−20%2025: -$16.3M-$16.3M2025−25%
Net income789106-$21.5M in 2025−12% since 2020
-$60.0M-$40.0M-$20.0M02020: -$24.3M-$24.3M20202021: -$36.1M-$36.1M2021+49%2022: -$47.1M-$47.1M2022+30%2023: -$33.0M-$33.0M2023−30%2024: -$27.1M-$27.1M2024−18%2025: -$21.5M-$21.5M2025−21%

Every line of the income statement as filed: the last 2 fiscal years, latest first.6

Period ending2025-12-312024-12-31
Revenue$100.0M$79.9M
Cost of goods sold$22.8M$20.8M
Gross profit$77.2M$59.1M
Sales and marketing$46.6M$39.7M
Research and development$27.9M$23.7M
General and administrative$19.1M$17.4M
Total operating expenses$93.6M$80.8M
Loss from operations-$16.3M-$21.7M
Interest income$2.8M$3.0M
Interest expense-$7.5M-$8.8M
Other income (expense), net-$486.0K$304.0K
Net loss and comprehensive loss-$21.5M-$27.1M
Net loss per share attributable to common stockholders, basic (in dollars per share)-$0.66-$0.93
Net loss per share attributable to common stockholders, diluted (in dollars per share)-$0.66-$0.93
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)32.7M shares29.1M shares
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)32.7M shares29.1M shares

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Leadership

Who has led NeuroPace Inc, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael Favet2021–2023

Chief financial officer

  1. Rebecca Kuhn2021–now
2025
Board members and other officers (12)

Timeline

  1. Apr 20, 2021New chief executive Michael Favet becomes CEO13

Filings

284 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 46 major events, 150 insider forms, 33 large holders, 35 other. The latest 20:

  1. Sep 25, 20264 EDGAR
  2. Sep 21, 20264 EDGAR
  3. Sep 4, 2026SCHEDULE 13G/A EDGAR
  4. Sep 4, 20264 EDGAR
  5. Aug 28, 20264 EDGAR
  6. Aug 28, 20264 EDGAR
  7. Aug 14, 2026SCHEDULE 13G/A EDGAR
  8. Aug 11, 202610-Q EDGAR
  9. Aug 11, 20268-K EDGAR
  10. Jul 28, 20268-K EDGAR
  11. Jun 25, 20264 EDGAR
  12. Jun 22, 20264 EDGAR
  13. Jun 22, 20264 EDGAR
  14. Jun 22, 20264 EDGAR
  15. Jun 8, 20268-K EDGAR
  16. Jun 5, 20264 EDGAR
  17. Jun 5, 20264 EDGAR
  18. Jun 5, 20264 EDGAR
  19. Jun 5, 20264 EDGAR
  20. Jun 5, 20264 EDGAR

The 284 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

70 open-market trades by officers, directors and large owners since October 2021: 2 buys and 68 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Dec 15, 2025Morrell MarthaCHIEF MEDICAL OFFICERSale25,000$15.97$399.2KForm 4
May 14, 2025ORBIMED ADVISORS LLC10% ownerSale168,136$15.85$2.7MForm 4
Feb 21, 2025Morrell MarthaCHIEF MEDICAL OFFICERSale78,334$13.72$1.1MForm 4
Feb 20, 2025KCK LTD.10% ownerSale5,270,845$9.40$49.5MForm 4
Jan 30, 2025Morrell MarthaCHIEF MEDICAL OFFICERSale200$15.00$3.0KForm 4
Jan 29, 2025Morrell MarthaCHIEF MEDICAL OFFICERSale100$15.00$1.5KForm 4
Jan 24, 2025Morrell MarthaCHIEF MEDICAL OFFICERSale3,200$15.01$48.0KForm 4
Oct 25, 2024KCK LTD.10% ownerSale223,991$5.45$1.2MForm 4
Oct 23, 2024KCK LTD.10% ownerSale147$6.02$885Form 4
Oct 22, 2024KCK LTD.10% ownerSale4,082$6.09$24.9KForm 4
Oct 21, 2024KCK LTD.10% ownerSale3,720$6.10$22.7KForm 4
Oct 18, 2024KCK LTD.10% ownerSale4,878$6.29$30.7KForm 4
Oct 17, 2024KCK LTD.10% ownerSale3,294$6.28$20.7KForm 4
Oct 16, 2024KCK LTD.10% ownerSale6,900$6.57$45.3KForm 4
Oct 15, 2024KCK LTD.10% ownerSale4,017$6.50$26.1KForm 4
Oct 14, 2024KCK LTD.10% ownerSale4,031$6.54$26.4KForm 4
Oct 11, 2024KCK LTD.10% ownerSale2,572$6.35$16.3KForm 4
Oct 10, 2024KCK LTD.10% ownerSale2,504$6.12$15.3KForm 4
Oct 9, 2024KCK LTD.10% ownerSale3,123$6.10$19.1KForm 4
Oct 8, 2024KCK LTD.10% ownerSale6,000$6.43$38.6KForm 4

All 70 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Polar Capital Holdings Plc3,298,104$52.4M0.1%No change
Soleus Capital Management, L.P.2,911,122$46.3M1.6%−21,085
First Light Asset Management, LLC2,861,167$45.5M2.8%+401,201
Morgan Stanley2,654,391$42.2M0.0%+87,552
BlackRock, Inc.2,477,603$39.4M0.0%+131,270
Orbimed Advisors LLC1,505,125$23.9M0.5%−591,402
Driehaus Capital Management LLC1,447,391$23.0M0.1%−4,220
Vanguard Capital Management LLC1,227,072$19.5M0.0%+103,361
Deutsche Bank Ag\938,919$14.9M0.0%+6,829
Armistice Capital, LLC692,000$11.0M0.3%No change
Geode Capital Management, LLC666,300$10.6M0.0%+48,181
Fmr LLC554,771$8.8M0.0%+1,242
State Street Corp550,132$8.7M0.0%+52,586
Silvercrest Asset Management Group LLC344,124$5.5M0.0%−15,941
Northern Trust Corp260,025$4.1M0.0%+20,185
Qube Research & Technologies Ltd221,237$3.5M0.0%+35,048
Vanguard Portfolio Management LLC220,371$3.5M0.0%+32,942
Palumbo Wealth Management LLC209,199$3.3M0.7%−1,270
Essex Investment Management Co LLC208,703$3.3M0.4%−9,035
Algert Global LLC184,774$2.9M0.0%+5,218
Vanguard Fiduciary Trust Co182,534$2.9M0.0%+3,888
Jpmorgan Chase & Co173,311$2.9M0.0%+32,170
HighMark Wealth Management LLC163,000$2.6M0.9%+100,000
Russell Investments Group, Ltd.162,164$2.6M0.0%−16,857
D. E. Shaw & Co., Inc.161,081$2.6M0.0%+117,456

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

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